by The Bone and Joint Health Ingredients Market is estimated to be valued at US$ 3344.72 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bone and joint health ingredients are nutritional supplements aimed at supporting bone and joint health. They include glucosamine, chondroitin, collagen, and calcium, which help maintain healthy joints, bones and support mobility. With the growing elderly population suffering from osteoporosis and osteoarthritis, the demand for bone and joint health supplements is increasing.
Market key trends:
One of the major trends driving the bone and joint health ingredients market is the rising prevalence of osteoarthritis globally. As per Arthritis Foundation, osteoarthritis is the most common form of arthritis affecting over 32.5 million adults in the US. The prevalence of this disease is rising with aging population and growing rates of obesity. Osteoarthritis cannot be cured, but its symptoms can be managed with bone and joint health supplements containing ingredients like glucosamine and chondroitin. This is increasing the adoption of such supplements and boosting the market growth. Studies have shown efficacy of glucosamine and chondroitin sulfate for reducing joint pain associated with osteoarthritis.
Porter’s Analysis Content: Bone And Joint Health Ingredients Market
Threat of new entrants: Low capital requirement and existing players concentrating on expanding capacity and capability pose a threat of new entrants in the market. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products offered by vendors. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and differentiated products. Threat of new substitutes: Availability of synthetic as well as herbal substitutes pose a threat of substitution. Competitive rivalry: Intense competition exists among existing vendors to gain market share.
SWOT Analysis Content:
Strengths: Availability of wide range of naturally sourced ingredients and growing demand for bone and joint supplements. Weaknesses: Heavy reliance on seasonal harvest of herbal raw materials and lack of standardization. Opportunities: Expanding geriatric population base and increasing demand from emerging economies in Asia Pacific and Middle East & Africa. Threats: Stringent regulations pertaining to the use of certain ingredients and emergence of alternative therapies.
Key Takeaways Content:
The Bone And Joint Health Ingredients Market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of bone and joint disorders. According to WHO, around 6.7% of the population suffer from osteoporosis annually. Moreover, growing sedentary lifestyles along with rising obese and geriatric population drives the bone and joint ingredients market.
Regional analysis: North America dominates the global bone and joint health ingredients market and is estimated to grow at a CAGR of around 5.5% during the forecast period. This is attributed to increasing consumer awareness about joint and bone health. Asia Pacific exhibits the fastest growth due to growing health consciousness and rising disposable incomes in countries such as China and India.
Key players:
Key players operating in the bone and joint health ingredients market are Synutra Inc., Darling Ingredients Inc., Archer Daniels Midland Company, BASF SE, Koninklijke DSM NV, Foodchem International Corporation, Glanbia PLC, Holista, Colltech Ltd, ESM Technologies LLC, Bergstorm Nutrition Inc., and Gelita AG. These players are focused on new product launches, mergers & acquisitions and capacity expansion strategies to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
